Preferred stocks mixed as equities decline; financials flat to softer; MetLife, AT&T improve

By Cristal Cody

Tupelo, Miss., Oct. 30 – Preferred stocks ended Friday mixed with equities down over the session.

The U.S. iShares Preferred Stock ETF fell 1 cent, or 0.03% to $36.22.

The Wells Fargo Hybrid and Preferred Securities index improved 10.02, or 0.41%, to 2,475.27.

Stocks recovered slightly after opening softer on Friday.

Bank of America Corp.’s $1.1 billion of 4.375% 25-par perpetual non-cumulative preferreds (Baa3/BBB-/BBB) that priced on Tuesday closed Friday flat at $25.

Fulton Financial Corp.’s 5.125% series A fixed-rate non-cumulative perpetual preferred stock fell 5 cents, or 0.2%, to close Friday at $25.05 on trading volume of about 391,000 shares.

In other preferred stock trading, insurance provider MetLife Inc.’s 4.75% series F non-cumulative preferred stock gained 15 cents, or 0.57%, to $26.26 over the session on about 170,000 shares traded.

Public Storage’s 3.875% series N cumulative preferred shares (NYSE: PSAPrN) shed 9 cents, or 0.36%, to head out at $24.96 on about 1.22 million shares traded.

AT&T Inc.’s 4.75% series C perpetual preferred stock improved 17 cents, or 0.68%, to close the day at $25.29 on about 306,000 shares traded.

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